In NEW DELHI: Since the commencement of the conflict in Ukraine, the US and its allies have pushed other nations to purchase less Russian oil in an effort to hold Moscow accountable for its actions.
In contrast, Indian refiners have increased their purchases of Russian crude as the government looks into measures to shield domestic oil companies from sanctions-related punishment.
As a result, Russian volumes have increased significantly. India imported 819,000 barrels per day (bpd) in May, up from 33,000 bpd in May of last year and 277,000 bpd in April. Saudi Arabia has been surpassed by Russia as India’s top supplier, with Iraq still being the biggest.Although the volume increase is known, it is unknown how India informed important participants about its policy for Russian oil purchases and provided guarantees to the participating corporations.
Since Moscow pushed soldiers into Ukraine on February 24, European nations and the United States have slapped strict sanctions on Russia. The invasion, which Russia claims is a “special military operation,” has not been openly criticised by New Delhi, despite its support for an immediate ceasefire in Ukraine.
According to a government official in India, the country intends to keep buying Russian oil at the current shrinking discount. The entire world would be vying for the same oil supplies if India stopped purchasing it from Russia, he claimed, which would drive up oil prices even further.